Starting a business is complicated enough. But building and sustaining it in any market is the true measure of success. What you need for your business to outperform the competition is a competitive advantage. The more of these advantages you can build, the more success you’ll have over time.
I’m Neil Fridman with the Fridman Law Firm PLLC. Today, I wanted to discuss a few advantages that will help you understand if your business is truly competitive in your market. Let’s start the conversation by focusing on your company’s brand image and how this can impact your success.
Your company’s brand
The purpose of building your company’s brand is to capture the attention of your market and establish trust with your customers. Your brand image is essentially your company’s reputation and is impacted by the quality of your products and services and the reach of your marketing efforts.
The quality of your company’s brand image compared to those of your competitors can be a huge factor in whether or not customers will trust you with their business.
The level of customer service your business provides can be a key competitive advantage or a disadvantage for your company. Things like responsiveness, resolving customer issues, and providing high-quality products and services are all things that have an impact on your business. They can be viewed as the ultimate competitive advantage.
A good way to monitor the level of customer service and satisfaction for your business is to tap into online review platforms such as Google and Facebook. If you are consistently receiving positive and five-star reviews, you can rest assured that your company’s customer service is a true competitive advantage.
Proprietary technology is another critical factor when it comes to your company’s competitive advantage. It may play a more prominent role in some industries than others, but developing proprietary technology for your company can help you build a true competitive advantage.
As you develop new and better ways to serve your customers, procuring patents for key technology can secure advantages over your competitors for years to come.
Investing in new technology
Perhaps one of the best ways to establish a competitive advantage over your customers over your competitors is by investing in new technology. One mistake many business owners make is failing to invest in new technology as it becomes available.
New technology can be key factor in your company’s marketing campaigns and will make it easier to attract new customers. It will also help your business stand out from those of your competitors who fail to make the same investments.
Making your business more competitive
Understanding how to build competitive advantages in your industry is one of the biggest determining factors in your company’s success. The keys to developing these advantages include understanding your company’s financial position and taking advantage of the opportunities that are available to your business.
If you need help planning the progression of your business and establishing your own competitive advantages, please reach out to me directly at [email protected]. I’ll be happy to help in any way I can.